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Answers (4)
- pearjas
- Contributions:3
Wow, very frustrating. So selling the house at a high price will raise the estimate.. so in other words, all houses that were bought as a foreclosure (which generally seem to be sold a bit cheaper than they normally would be) are probably not valued correctly on this web site. I'd say this site would be good to use for other houses.. but for foreclosures, sounds like you may want to go elsewhere.
@perjas
You are doing nothing wrong. The problem is you are a victim of an erroneous zestimate from Zillow. The trouble is that you can do everything that has been suggested (it seemed to me that you already had anyways) but that does nothing to reflect the value of your home because there are other factors like incorrect mapping data or just a lousy statistical computation by zillow.
The other problem is that "The Zestimate" is regarded by some people as like the holy grail that can't be questioned. It must always be right, and there is NO RIGHT OF APPEAL by the homeowner. What BS is this? good question, and one I still haven't received a satisfactory answer despite asking over 400 times on this forum.
You are doing nothing wrong. The problem is you are a victim of an erroneous zestimate from Zillow. The trouble is that you can do everything that has been suggested (it seemed to me that you already had anyways) but that does nothing to reflect the value of your home because there are other factors like incorrect mapping data or just a lousy statistical computation by zillow.
The other problem is that "The Zestimate" is regarded by some people as like the holy grail that can't be questioned. It must always be right, and there is NO RIGHT OF APPEAL by the homeowner. What BS is this? good question, and one I still haven't received a satisfactory answer despite asking over 400 times on this forum.
- Russ Hatfield, "RussHatfield"
- Contributions:336
Hi Pearjas,
Wetdawgs is right about factors our Zestimates do and don't take into account which sound to be relative to your situation here. If you contact me directly(click on my pic above to access my profile and then click the "Contact" link) with your address we'll have a closer look for you.
Thanks for using Zillow!
Russ
Zillow Customer Care
Wetdawgs is right about factors our Zestimates do and don't take into account which sound to be relative to your situation here. If you contact me directly(click on my pic above to access my profile and then click the "Contact" link) with your address we'll have a closer look for you.
Thanks for using Zillow!
Russ
Zillow Customer Care
- wetdawgs
- Contributions:26853
Welcome to Zillow.
Of the numbers and actions you describe, the one that has the biggest impact on your Zestimate would be the purchase price. As Zillow doesn't have a telescope focusing on your home, they use the purchase price, tax assessed value and the basics such as room count and lot size in their calculations. They assume the sales price is the market price.
Zestimates don't take into account carpet, air conditioners, furnace, historical districts etc except as reflected in the tax assessments and/or purchase prices. Why don't they take into account upgrades and repairs? Because there is no way to have a consistent way to get that input from every home.
When one has purchased at a bargain price, usually takes a while (more than a year) for the purchase price to have a smaller impact and the house Zestimate come in line with the neighborhood.
Meanwhile, enjoy your new home.
Of the numbers and actions you describe, the one that has the biggest impact on your Zestimate would be the purchase price. As Zillow doesn't have a telescope focusing on your home, they use the purchase price, tax assessed value and the basics such as room count and lot size in their calculations. They assume the sales price is the market price.
Zestimates don't take into account carpet, air conditioners, furnace, historical districts etc except as reflected in the tax assessments and/or purchase prices. Why don't they take into account upgrades and repairs? Because there is no way to have a consistent way to get that input from every home.
When one has purchased at a bargain price, usually takes a while (more than a year) for the purchase price to have a smaller impact and the house Zestimate come in line with the neighborhood.
Meanwhile, enjoy your new home.
What Am I Doing Wrong?
It seems that my value keeps going down with the more details I put. Now, the house next to mine is worth more, and it's a rental property that's falling apart. Since buying my house, I've had laminant flooring installed downstars, new carpet upstairs, a new furnace, hot water tank, and air conditioner. I did get it on a foreclosure for 32,000, which likely takes the value down, but I almost didn't get the house because the seller later thought they priced the house too low.
What's more, is recently I received a letter stating my house is now located in the expanded section of the Harry Truman historic district. My house estimate is now near 46,000 and was nearly 70,000 when I purchased the home. =-/ Am I doing something wrong?
I'm not too familiar with all this, as I mentioned and for now will not put the address of the home. Forgive me if I should! Don't want to until I know I'm doing what's right. :)
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